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2021-10-18 12:55:00

OIL PRICE: ABOVE $85

OIL PRICE: ABOVE $85

REUTERS - Oct 18  - Oil prices hit multi-year highs on Monday buoyed by recovering demand and high natural gas and coal prices encouraging users to switch to fuel oil and diesel for power generation. 

Brent crude oil futures were up 59 cents, or 0.7%, to $85.45 a barrel by 0900 GMT, after hitting $86.04, their highest level since October 2018.

U.S. West Texas Intermediate (WTI) crude futures climbed 90 cents, or 1.1%, to $83.18 a barrel, after hitting a $83.73, their highest since October 2014.

Both contracts rose by at least 3% last week.

"Easing restrictions around the world are likely to help the recovery in fuel consumption," analysts at ANZ bank said in a note, adding that gas-to-oil switching for power generation alone could boost demand by as much as 450,000 barrels per day in the fourth quarter.

Cold temperatures in the northern hemisphere are also expected to worsen an oil supply deficit, said Edward Moya, senior analyst at OANDA.

"The oil market deficit seems poised to get worse as the energy crunch will intensify as the weather in the north has already started to get colder," he said.

"As coal, electricity, and natural gas shortages lead to additional demand for crude, it appears that won't be accompanied by significantly extra barrels from OPEC+ or the U.S.," he said.

Prime Minister Fumio Kishida said on Monday that Japan would urge oil producers to increase output and take steps to cushion the impact of surging energy costs on industry.

Chinese data showed third-quarter economic growth fell to its lowest level in a year hurt by power shortages, supply bottlenecks and sporadic COVID-19 outbreaks.

China's daily crude processing rate in September also fell its lowest level since May 2020 as a feedstock shortage and environmental inspections crippled operations at refineries, while independent refiners faced tightening crude import quotas.

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Earlier:

OIL PRICE: ABOVE $85
2021, October, 15, 09:40:00
OIL PRICE: ABOVE $84
Brent rose 62 cents, or 0.7%, to $84.62 a barrel. WTI rose 56 cents, or 0.7%, to $81.87 a barrel.
OIL PRICE: ABOVE $85
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GLOBAL OIL DEMAND WILL UP BY 5.8 MBD
World oil demand is estimated to increase by 5.8 mb/d in 2021, revised down from 5.96 mb/d in the previous month’s assessment.
OIL PRICE: ABOVE $85
2021, October, 14, 13:30:00
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Что касается наших усилий по стабилизации мирового энергетического рынка, то да, у нас всё это происходит в довольно жёстком режиме: мы спорим друг с другом, отстаиваем свои позиции, но находим, до сих пор находили сбалансированные, приемлемые для всех сторон решения.
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OIL PRICE: ABOVE $85
2021, October, 14, 13:05:00
MORE RUSSIAN OIL
Russia's crude production targets under the OPEC+ accord are 9.809 million b/d in October and 9.913 million b/d in November, though it has regularly pumped in excess of its quota.
OIL PRICE: ABOVE $85
2021, October, 14, 13:00:00
OPEC + RUSSIA 400 TBD
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OIL PRICE: ABOVE $85
2021, October, 14, 12:55:00
OIL PRICES 2021-22: $81-$72
We expect Brent prices will remain near current levels for the remainder of 2021, averaging $81/b during the fourth quarter of 2021. In 2022, we expect that growth in production from OPEC+, U.S. tight oil, and other non-OPEC countries will outpace slowing growth in global oil consumption and contribute to Brent prices declining from current levels to an annual average of $72/b.
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Tags: OIL, PRICE, BRENT, WTI